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China’s Refined Fuel Demand in H2 to Rise 10% Year-on-Year: PetroChina

OIL PRODUCTS

China’s refined fuel demand in H2 2023 is expected to increase by 10% compared to H2 2022, the President of PetroChina Huang Yongzhang said on Thursday.

  • PetroChina also expects crude oil prices in the second half to be within the range of $75-85/ b.
  • On Aug. 29, China’s Sinopec said that it aims to refine 5.07 million b/d (127 million mt) of crude in the second half of 2023, steady with volumes January-June volumes.
  • "We expect to see a 12.7% year-on-year increase in China's oil product consumption in H2, the volume would be higher than that in H1," according to Sinopec's President Yu Baocai.

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